Bonds may be issued by either of the following methods:

1. (1) Solely against the revenues expected to be produced by the operation of the district. The board may make proper contractual arrangements to pay the bonds from the net revenues produced.

2. (2) Against the real property of the district in anticipation of the collection of special benefits taxes. Bonds issued against the real property of the district may be paid in part:

   1. (A) by revenues derived from reasonable charges for services or property produced incident to the operation of the district; or

   2. (B) from the collection of assessments for exceptional benefits.

      [Pre-1995 Recodification Citation: 13-3-3-81 part.]

As added by P.L.1-1995, SEC.26.